XRP Surges 10% as Legal Battle Ends, Bitcoin Nears $86,000

Bitcoin (BTC) approached $86,000, while XRP experienced a 10% surge, leading gains among major cryptocurrencies as the market staged a broader recovery over the past 24 hours. This movement came after the Federal Open Market Committee (FOMC) meeting, where the Federal Reserve maintained interest rates but adjusted growth projections until 2027.

Ether (ETH) saw a muted response after a sudden 7% jump late Wednesday, ending the day with a 3% increase. Other notable gains included Solana’s SOL, dogecoin (DOGE), and BNB Chain’s BNB, all showing increases under 6%. Uniswap’s UNI surged 8% as token holders approved a $165 million foundation funding proposal.

XRP's surge was driven by the resolution of a long-standing legal battle with the U.S. Securities and Exchange Commission (SEC). Ripple Labs announced that the case had concluded, providing a significant boost to XRP's value. Additionally, Bitnomial announced the launch of futures tied to XRP for local investors, marking a first for the region.

Former U.S. President Donald Trump called for interest rate cuts, citing the upcoming implementation of reciprocal tariffs starting April 1. His national economic adviser, Kevin Hassett, anticipated a 2.5% growth rate, contrasting with the Fed’s 1.7% expectation. Trump's call for rate cuts was seen as a potential stimulus for the economy, which could influence market dynamics and investor sentiment.

Traders remained cautious about the sustainability of the rally, noting that the current market action could be a relief bounce following five weeks of consecutive equity sell-offs. Analysts suggested that the market was awaiting more hard data releases to draw firmer conclusions about the economic trajectory.

According to analysts, the rally in cryptocurrency prices was likely a result of a relief bounce as markets stabilized after a period of sell-offs. The lack of negative comments from the Federal Reserve and the absence of new tariff announcements contributed to the positive market sentiment. However, analysts advised caution, noting that market conditions could change rapidly and that investors should remain vigilant.